OECD figures foresee an uptick in British economic prospects

ECONOMIC growth is set to pick up in the UK even as it weakens across the Eurozone, the Organisation for Economic Co-operation and Development (OECD) said yesterday.

The Paris-based group released its latest composite leading indicators, designed to predict economic turning points in the near future.

The Eurozone’s indicator slipped to 99.4 in August, from 99.5 in July, where the 100 level represents the long term average rating.

The UK’s rating edged up slightly to 100.1 in August, from 100 the previous month, while the US and Japan also recorded levels of 100 or higher.

Across the OECD area as a whole, the outlook fell moderately from 100.2 to 100.1, continuing a downward trend from April’s figure of 100.4.

“The latest OECD leading indicator ties in with the view that the UK economy exited recession in the third quarter but still faces a tough job to develop significant, sustainable growth,” commented economist Howard Archer of IHS Global Insight.